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Cannot figure the Cost of Inventory Sold process for Oct.15th or Oct.22 for the life of me. At the beginning of Octobet, Bowser Company's inventory
Cannot figure the Cost of Inventory Sold process for Oct.15th or Oct.22 for the life of me.
At the beginning of Octobet, Bowser Company's inventory consists of 62 units with a cost per unit of $38. The following transactions occur during the month of October. Octeber 4 Purchase 118 units of inventory on account froe Waluigi Company for \$se pee unit, teras 2/10,s/30. October 5 Fay cash for freight charges related to the October 4 purchase, 558. October 9 Return 20 defective units from the October 4 parchase and receipt of credit. october 12 Pay Haluigi Campany in full. October 15 Sell 148 units of inventory to customers on account, \$11,540. (itint: The cest of units seld from the October 4 purchase October 19 Heceive full payment froe customers related to the sale on October 15. Octeber 20 Purchase is units of inventory froe Waluigi Coepany for 58 per unit. October 22 Sell 88 units of inventory to custoeers for cash, 37,040 . Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactlons, 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $32. Record any necessary adjusting entry for lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of October after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Bowser Company uses a Fifo perpetual inventory system to maintain its inventory records, recofd the transactions. (II ho entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) At the beginning of Octobet, Bowser Company's inventory consists of 62 units with a cost per unit of $38. The following transactions occur during the month of October. Octeber 4 Purchase 118 units of inventory on account froe Waluigi Company for \$se pee unit, teras 2/10,s/30. October 5 Fay cash for freight charges related to the October 4 purchase, 558. October 9 Return 20 defective units from the October 4 parchase and receipt of credit. october 12 Pay Haluigi Campany in full. October 15 Sell 148 units of inventory to customers on account, \$11,540. (itint: The cest of units seld from the October 4 purchase October 19 Heceive full payment froe customers related to the sale on October 15. Octeber 20 Purchase is units of inventory froe Waluigi Coepany for 58 per unit. October 22 Sell 88 units of inventory to custoeers for cash, 37,040 . Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactlons, 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $32. Record any necessary adjusting entry for lower of cost and net realizable value. 3. Prepare the top section of the multiple-step income statement through gross profit for the month of October after the adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Assuming that Bowser Company uses a Fifo perpetual inventory system to maintain its inventory records, recofd the transactions. (II ho entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Step by Step Solution
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